Turkey's Burger King Chain Could Be Worth $2 Billion

  • TAB Gida said to work with Moelis on a potential listing
  • Listing of franchise owner may not happen until next year

TAB Gida Sanayi & Ticaret AS, the Turkish company that controls the biggest international Burger King franchise, is considering an initial public offering that could value it at more than $2 billion, people familiar with the matter said.

The owners of TAB Gida, which also has the rights to operate Burger King in China, are working with Moelis & Co. on a potential IPO or sale, and may appoint more advisers in coming weeks, the people said, asking not to be named as details aren’t public. A listing may not happen until next year, one of the people said.

TAB Gida Chairman Erhan Kurdoglu couldn’t immediately be reached by phone. A spokeswoman for Moelis declined to comment.

TAB Gida joins buyout firm Turkven, which is considering an IPO for the master franchise of Domino’s Pizza chain in Turkey, Russia, Georgia and Azerbaijan, people familiar with the matter said this month. Turkey saw two IPOs that raised a combined $120 million last year, the fewest since 2009, according to data compiled by Bloomberg. Investors stayed away amid an attempted coup, terrorist attacks in major urban centers and lira weakness.

Goldman Sachs Group Inc., Credit Suisse Group AG and the European Bank for Reconstruction & Development invested $150 million in TAB Gida in August.

TAB Gida operates about 600 outlets for Burger King in Turkey and franchises brands including Popeyes, Sbarro and Arby’s, the company said on its website.

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